A magnetic sensor is a small scale micro electro mechanical system (MEMS) that transform the magnetic field into electrical signals. Magnetic sensors are typically used to track magnetic field shifts, measure speed, proximity transition, positioning and the application for current sensing. In addition, these, sensors detect changes and disruptions in a magnetic field such as flux, strength and direction.
What are the major factors impacting the size of the market?
Electronics Guru
The market size of the global magnetic sensor was around US$ 2 billion in 2018 and is expected to almost double by 2025.
The global magnet sensor market is expected to be growing on the back of increased use of applications in automotive, consumer electronics, aviation, defence, health care etc.
The growth of the magnetic sensor market is driven by the growing consumer electronics industry. In the coming years, the market will get some renewed support from new applications such as motion games and navigation on e-tabs and smartphones.
In data storage, the shift towards the inclusion of giant-magneto resistance (GMR) films is very significant. GMR can be integrated with several standard technologies, including complementary metal-oxide-semiconductor (CMOS) chips and significantly increasing the market share of magnetic sensors. Magnetic sensors play an important role in providing drones with vital directional information. There is enormous potential for magnetic sensors in the drones industry.
On the other hand, the power distribution units (PDU) also use a wide range of magnetic sensors for power supply which is a crucial infrastructure in data centres. In the coming years, the significant growth in smart grid systems around the world will also increase demand for magnetic sensors.
The magnetic sensor industry also faces some challenges. The technical difficulties around some sensor technologies are likely to affect their efficiency and accuracy.
For Instance, the Hall effect-based sensors face challenges such as high offset voltage, high-temperature drift and can be influenced by an external magnetic field.
Additionally, the implementation of magnetic sensors in applications such as electric vehicles will also require significant accuracy improvements as the electric field produced by electric vehicles will affect the performance of sensors.
Autotrade
Automotive is also a major market area for magnetic sensors. The know-how of these components, such as contactless and wear-free measurement improve their use in automotive applications to achieve fuel efficiency.
The growing knowledge of vehicle safety increases market adoption for a secure and safer drive, combined with the steadily decreasing sensor prices will help provide more opportunities to magnetic sensor industry.
The market growth is further supported by technological advancements, electrification of vehicles, rise in smart devices, automation, robotics, big data analytics and the internet of things (IoT).